AIFC Committee Launches “Global Sandbox” Program

AIFC Committee Launches “Global Sandbox” Program

The Global Financial Innovation Network (GFIN) is a newly-formed alliance of 29 financial regulators and organisations including, Financial Conduct Authority of the UK, International Monetary Fund, World Bank Group and Astana Financial Services Authority, committed to: (1) collaborate and share experience of innovation in respective markets; (2) exchange of knowledge and lessons learned in RegTech related matters; (3) provide firms with an environment to test cross-border solutions.

The GFIN initiative on cross border testing would allow firms to simultaneously test innovative products, services or business models in multiple jurisdictions, including Kazakhstan, United Kingdom, USA and other jurisdictions.

“We are pleased to be part of this initiative. GFIN will facilitate greater regulatory cooperation between the like-minded authorities to foster a sustainable global financial ecosystem. This network is an extension of AIFC’s commitment to further facilitate cross-border financial activities in a fair, transparent and efficient manner” – said Asylbek Davletov, Chief FinTech Officer of the AFSA.

Firms wishing to participate testing must meet the application requirements of all the jurisdictions in which they would like to test. For example, a firm wishing to test in Kazakhstan, Australia and Hong Kong must independently meet the eligibility criteria, and/or other relevant standards of the regulators of those jurisdictions.

Firms interested in applying to take part in the pilot cross border tests should review the list of participating regulators and submit an application before the 28 February 2019 deadline.

The Network has also published a Terms of Reference for the group and is encouraging other regulators and international organisations to join. See more about the GFIN, member organisations and list of regulators supporting the pilot test.

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